RBI directive to UCBs

By Our Staff Reporter

HYDERABAD, AUG. 29. In a significant development, the Reserve Bank of India has said that the Urban Cooperative Banks (UCBs) in Andhra Pradesh need not take up repayment of fixed deposits which are not due for repayments, unless they are in a position to do so.

In a communication to the Andhra Pradesh Urban and Town Co- operative Banks Association, the RBI informed that ``Financial prudence requires that banks do not take up repayment of fixed deposits which are not due for repayment, unless the banks are in a position to do so after ensuring discharge of all current obligations".

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Section  : Business
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